A mutual fund company is reviewing its strategic plan and discovers its flagship equity fund has consistently underperformed its benchmark for three consecutive years. What is the MOST appropriate strategic response?
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A
Immediately liquidate the fund and return capital to investors
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B
Conduct a thorough review of the fund's investment mandate, management team, and processes before deciding on corrective action
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C
Reduce management fees to attract new investors without changing the investment approach
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D
Merge the fund with a better-performing fund without notifying existing investors